The two elements of risk-informed budgetingIndustry guidelines view risk as a function of both the consequence and likelihood of asset failure. Authority employees identified components of failure, assigned weights to each, and then, using a 10-point scale, categorized how the contribution to failure should be scored for each asset or asset group. Though they consider physical condition the most important factor in determining the probability of an asset failing, their framework takes performance and repair history into account as well.